Transaction Analysis and Trial BalanceDaniel Kelly, an attorney, opened his law practice on October 1.Prepare journal entries for the following October transactions, post the entries to the T-accounts, and prepare a trial balance:1) Kelly started his law practice by contributing $19,500 cash to the business on October 1, receiving shares of common stock in the company.2) Purchased office equipment on account, $10,400.3) Paid office rent for October, $700.4) Paid $9,600 to access online legal database for two years.5) Billed clients for services rendered, $11,300.6) Made $6,000 payment on account for the equipment purchased on October 2.7) Paid legal assistant's salary. $2.800.8) Collected $9,400 from clients previously billed for services.9) Received invoice for October utilities, $180; it will be paid in November.10) The company paid stockholders $1,500 as a cash dividend.DebitCredit1) To record stockholder contribution21 To record office equipment purchased on account31 To record payment of rent expense4) To record prepayment for database service5) To record billing for legal services6) To record payment on equipment7) To record payment of salariesB) To record receipt of cash from customers91 To record utilties expense10) To record cash payment of dividendsFor T-accounts, enter your answers in the first available field under the appropriate debit or credit column. CashAccounts ReceivableLegal Database SubscriptionOffice EquipmentAccounts PayableCommon StockDividendsLegal Fees EarnedSalaries ExpenseBalanceBalanceBalanceBalanceBalanceDalanceBalanceBalanceBalanceRent ExpenseUtilities ExpenseBalanceBalanceDaniel Kelly, Attorney at LawTrial BalanceOctober 31DebitCreditCashAccounts receivableLegal database subscriptionOrfice equipmentAccounts payableCommon stockDividendsLegals fees earnedSalaries expenseRent expenseUtilities expenseTotals

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Description: Transaction Analysis and Trial BalanceDaniel Kelly, an attorney, opened his law practice on October 1.Prepare journal entries for the following October transactions, post the entries to the T-accounts, and prepare a trial balance:1) Kelly started hi

The journal entries are prepared to keep the record of day to day transactions of the business.

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Transaction Analysis and Trial Balance Daniel Kelly, an attorney. opened his law practice on October 1. Prepare journal entries for the following October transactions, post the entries to the T-accounts, and prepare a trial balance: 1) Kelly started his law practice by contributing $19.500 cash to the business on October 1, receiving shares of common stock in the company. 2) Purchased office equipment on account $10,400. 3) Paid office rent for October, $700. 4) Paid $9,600 to access online legal database for two years. 5) Billed clients for services rendered, $11,300. 6) Made S6.000 payment on account for the equipment purchased on October 2. 7) Paid legal assistant's salary. $2.800. 8) Collected $9,400 from clients previously billed for services. 9) Received invoice for October utilities, $180; it will be paid in November. 10) The company paid stockholders $1,500 as a cash dividend.

Transaction Analysis and Trial Balance Daniel Kelly, an attorney. opened his law practice on October 1. Prepare journal entries for the following October transactions, post the entries to the T-accounts, and prepare a trial balance: 1) Kelly started his law practice by contributing $19.500 cash to the business on October 1, receiving shares of common stock in the company. 2) Purchased office equipment on account $10,400. 3) Paid office rent for October, $700. 4) Paid $9,600 to access online legal database for two years. 5) Billed clients for services rendered, $11,300. 6) Made S6.000 payment on account for the equipment purchased on October 2. 7) Paid legal assistant's salary. $2.800. 8) Collected $9,400 from clients previously billed for services. 9) Received invoice for October utilities, $180; it will be paid in November. 10) The company paid stockholders $1,500 as a cash dividend.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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